Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2019, in exchange for $495,000 in cash. The subsidiary's stockholders' equity accounts totaled $479,000, and the noncontrolling interest had a fair value of $55,000 on that day. However, a building (with a ten-year remaining life) in Brey's accounting records was undervalued by $47,000. Pitino assigned the rest of the excess fair value over book value to Brey's patented technology (six-year remaining life). Brey reported net income from its own operations of $81,000 in 2019 and $97,000 in 2020. Brey declared dividends of $27,500 in 2019 and $31,500 in 2020. Brey sells inventory to Pitino as follows: Transfer Price Year Cost to Brey 2019 $ 86,000 2020 110,000 2021 147,000 to Pitino $ 200,000 220,000 245,000 Inventory Remaining at Year-End (at transfer price) $ 42,000 54,000 45,000 At December 31, 2021, Pitino owes Brey $33,000 for inventory acquired during the period. The following separate account balances are for these two companies for December 31, 2021, and the year then ended. Note: Parentheses indicate a credit balance.